Peninsula Energy Limited · ASX:PEN
Peninsula Energy — Investor Presentation (August 2025)
56 slides from Peninsula Energy's investor presentation, Aug 22, 2025
Slide 1: Positioned to Capitalise on Growth in US and Global Nuclear Energy
POSITIONED TO CAPITALISE ON GROWTH IN US AND GLOBAL NUCLEAR ENERGY ASX: PEN; OTCID: PENMF www.pel.net.au 22 August 2025 NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
Slide 2: Important Disclosures and Disclaimers
IMPORTANT DISCLOSURES AND DISCLAIMERS Summary persons should consider seeking appropriate professional advice in reviewing the Presentation and all other information with respect to the Company and evaluating the business, financial performance and This Presentation contains summary information abou
Slide 3: Important Disclosures and Disclaimers
IMPORTANT DISCLOSURES AND DISCLAIMERS Production Target Disclaimers The production target contained in this Presentation is underpinned by wellfield designs containing The totals in tables may not add due to rounding. measured and indicated resources (comprising 90% of the production target) and inf
Slide 4: 2025, Turning Insight into Action
2025, TURNING INSIGHT INTO ACTION Uncovering the Gaps Delivering the Fixes Delay in construction and commissioning of the CPP, Built the CPP within 13 months from first concrete pour, from 31 March 2025 to September quarter commenced commissioning Limited on-site resin storage capacity Redesign of h
Slide 5: Investment Highlights
INVESTMENT HIGHLIGHTS A significant resource of 58Mlbs1 in USA at Lance with exploration upside Fully constructed 2Mlbs p.a. Central Processing Plant, commissioning underway, production expected during the September quarter Uncontracted near-term production over the next two years, fully leveraged t
Slide 6: The Top Uranium Jurisdiction in the US
THE TOP URANIUM JURISDICTION IN THE US Lance is strategically positioned to emerge as a cornerstone uranium producer as the US ramps up efforts to secure nuclear power as a central pillar of its long-term energy strategy WYOMING, USA LANCE PROJECT Central Processing Plant (Phase I & II) NOT FOR RELE
Slide 7: Lance – Strong Fundamentals, Significant Potential
LANCE – STRONG FUNDAMENTALS, SIGNIFICANT POTENTIAL One of the largest known US Uranium ISR Projects NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES 7
Slide 8: Trump Administration, AI, Data Centres: Fuelling the Nuclear Revival
TRUMP ADMINISTRATION , AI, DATA CENTRES: FUELLING THE NUCLEAR REVIVAL Lance coming online at the right time Executive Orders • Quadrupling of US nuclear power capacity1 US Consumption: • Overhaul of the Nuclear Regulatory ~50Mlbs p.a. in 2023 Commission to expedite the licensing and approval of nucl
Slide 9: A Disciplined Approach to Developing Lance
A DISCIPLINED APPROACH TO DEVELOPING LANCE Comprehensive Review Refreshed executive leadership team has conducted a thorough on-site assessment of the Lance production profile and project execution strategy Model Reassessment Full re-evaluation of near-term production schedule, ongoing wellfield dev
Slide 10: Revised Production Estimates
REVISED PRODUCTION ESTIMATES Phased approach to full-scale production, based on credible operational metrics Horizon 3 Full Scale Reset / Commissioning Production Operations CY2025 1.2Mlb – 1.5Mlbs p.a. Focus on acidification of wellfields Ramp-Up Horizon 2 Ramp-Up 400,000 - 600,000lbs pa 400,000 –
Slide 11: Revised Production Plan Framework
REVISED PRODUCTION PLAN FRAMEWORK A clear and achievable phased production plan to extract the full potential of Lance Horizon 1 Horizon 2 Horizon 3 Reset / Commissioning Ramp-Up Full Scale Production FOCUS FOCUS FOCUS • Establishing the revised • Focus on MU-3 and MU-4 • LOM model to be updated in
Slide 12: Lance Project Unlocking Potential
LANCE PROJECT UNLOCKING POTENTIAL Further upside to Horizon 3, targeting to fill the plant capacity of 2Mlbs p.a. Unoptimised, conservative grade recovery curve Growth funding could be underpinned by US Government • Early-stage production based on conservative support assumptions • Government suppor
Slide 13: ESG
ESG Management of risks to maximise performance Environment • In-situ recovery (ISR) enables low-impact mining with minimal surface disruption and reduced radiation exposure • Key mining approvals secured for Kendrick Project from the US Environmental Protection Agency (EPA) in May 2025 Social • Wyo
Slide 14: Refreshed Board & Corporate Team
REFRESHED BOARD & CORPORATE TEAM Mr George Bauk Mr Brian Booth Managing Director / CEO Non-Executive Director Mr Bauk brings over 30 years of global experience in uranium, rare Mr Booth is an experienced mining executive, who brings over 35 years earths, gold, lithium, and graphite. He has led compa
Slide 15: Refreshed Site Leadership Team
REFRESHED SITE LEADERSHIP TEAM Mr Ken Milmine Mr David Hofeling VP OH&S, Approvals GM Operations Mr Milmine has almost 30 years of regulatory, environmental, health Mr Hofeling has over 30 years’ experience in operational and safety experience in the mining industry including gold, management and fi
Slide 16: Offtake Contracts Reset
OFFTAKE CONTRACTS RESET Removing a major financial and delivery burden Eliminated 5 of 6 legacy contracts • As a result of the revised production plan, the Company was not able to maintain the contract book built over the last decade • Equity and/or debt funding amounts required were not available,
Slide 17: Lance Project
LANCE PROJECT NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
Slide 18: Lance – Strong Fundamentals, Significant Potential
LANCE – STRONG FUNDAMENTALS, SIGNIFICANT POTENTIAL One of the largest US Uranium ISR Projects 58.0Mlbs1 U3O8 of JORC (2012) Resources Globally significant resource In-situ Recovery (ISR) Operation Fully licensed, with CPP capacity to independently produce 2Mlbs per annum of dry yellowcake Ross Produ
Slide 19: Improved, More Consistent Flow Rates
IMPROVED, MORE CONSISTENT FLOW RATES CHALLENGES UPDATES AND IMPROVEMENTS • Developed a wellfield maintenance plan to improve flow • Conversion from alkaline leach Mining to low-pH leach Mining • Focused team with appropriate equipment to undertake maintenance Unit - 1 • Inadequate early wellfield Un
Slide 20: Wellfield Development
WELLFIELD DEVELOPMENT Progress Update • 8 drill rigs working to develop new Mining Unit-4 (MU-4) • MU-3 is the first wellfield at Lance specifically designed for the low-pH in-situ recovery method • MU-3 HH-11 completed and acidification well advanced • MU-3 HH-12 completed and acidification has com
Slide 21: Phase II CPP Commissioning – Path Forward
PHASE II CPP COMISSIONING – PATH FORWARD US$79M plant (Phase I & II) with nameplate capacity to produce 2Mlbs p.a. of dry yellowcake Progress with Samuel EPC • 13 months, from first concrete pour 1 July 2024 to targeted production of dried yellowcake during the September quarter • Working collaborat
Slide 22: Central Processing Plant
CENTRAL PROCESSING PLANT 5,000 GPM uranium recovery ion-exchange process plant, with the nameplate capacity to independently produce 2Mlbs per annum of dry yellowcake Phase II Expansion – Commissioning underway • Enhance the capability of the processing plant from a satellite facility to a fully ind
Slide 23: CPP Flowsheet
CPP FLOWSHEET NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES 23
Slide 24: Opportunities & Optimisation Initiatives
OPPORTUNITIES & OPTIMISATION INITIATIVES Work programs underway to look at improving the outputs Reduce reagent costs Unlock value from untapped resource areas Acid price negotiation and evaluation of a site-based Technical studies and investigation of joint venture sulphuric acid plant opportunitie
Slide 25: A Full Development Pipeline
A FULL DEVELOPMENT PIPELINE NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
Slide 26: Kendrick Development Project
KENDRICK DEVELOPMENT PROJECT Kendrick is the next sequential production area following production at the Ross Area Project Area spans approximately 7,992 acres Project Area is fully permitted to commence mining operations, with all approvals received from Wyoming Department of Environmental Quality
Slide 27: Barber Exploration Project
BARBER EXPLORATION PROJECT Barber represents potential upside beyond the current Life of Mine plan Project Area spans approximately 57,723 acres (7 times the size of Kendrick) Under-delineated Resource area with 31.9Mlbs U3O8 predominately Inferred Resource Next Steps • Review existing drill data, p
Slide 28: Dagger Exploration Project
DAGGER EXPLORATION PROJECT High-grade potential, satellite uranium development Opportunity to expand production rate through Satellite In-Situ Recovery operation >2x the Grade of U3O8 compared to Lance Resource Next Steps • Scoping Study to commence October 2025 • Future expansion through additional
Slide 29: Uranium Market
URANIUM MARKET NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
Slide 30: Uranium – Strong Tailwinds
URANIUM – STRONG TAILWINDS US boosting the Domestic Supply Chain • Policy settings driving new nuclear deployment - accelerated Uranium Spot & Long-Term Contract Price History (US$/lb) nuclear technology development and removal of regulatory red tape 120 • US ban on Russian sourced uranium - unlocke
Slide 31: United States
UNITED STATES An attractive address for uranium producers1 Pro-Mining Regulation • The US Interior Department is fast-tracking environmental reviews for uranium projects, reducing approval times from years to weeks • In 2024, the Department of Energy allocated US$900M to advance and de-risk Generati
Slide 32: ~A$70M (~US$45M) Equity Raise
~A$70M (~US$45M) EQUITY RAISE NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
Slide 33: Equity Raise Details
EQUITY RAISE DETAILS ~A$70M (~US$45M) Institutional Placement and Entitlement Offer • Fully underwritten approximately A$70m (US$45m) Equity Raising (“Offer” or “Equity Raise”) comprising: • ~A$21.9m institutional placement over two tranches (“Placement”); and • ~A$48.0m 1 for 1 accelerated non-reno
Slide 34: Application of Funds
APPLICATION OF FUNDS 1 SOURCE OF FUNDS (US$M) USE OF FUNDS (US$M) Existing Cash (as at 30-Jun-2025) 9.2M CPP Construction Costs 1.5M Debt Drawn in July 2025 2 10.0M Infrastructure, Well Fields, Header Houses 25.4M Debt Drawdown on completion of Equity Studies (Kendrick and Dagger) 3.4M 5.0M Raise 2
Slide 35: Short Term Debt Facility
SHORT TERM DEBT FACILITY Peninsula has secured debt financing of up to US$15M with Davidson Kempner, a global investment management firm with more than US$35B in assets under management • Proceeds from the debt facilities will be used to enable Peninsula to continue key development and commissioning
Slide 36: Indicative Timetable
INDICATIVE TIMETABLE PENINSULA IS CONDUCTING AN APPROXIMATELY A$70M (US$45M) EQUITY RAISE VIA A FULLY UNDERWRITTEN TWO TRANCHE PLACEMENT AND ENTITLEMENT OFFER Event Date Announcement of the Equity Raising & Placement and Institutional Entitlement Offer open Friday, 22 August 2025 Announce completion
Slide 37: Pro Forma Capital Structure
PRO FORMA CAPITAL STRUCTURE Unit Pro Forma (A$) Pro Forma (US$) Offer Price A$ 0.30 N/A No. of Ordinary Shares2 M 403.13 403.13 Market Capitalisation at Offer Price $M 120.9 78.6 Cash and Equivalents1 $M 102.8 66.8 Debt4 $M 18.5 12.0 Net Cash $M 84.3 54.8 Enterprise Value $M 36.6 23.8 Notes: AUD:USD
Slide 38: Summary
SUMMARY NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
Slide 39: New Team & New Vision
NEW TEAM & NEW VISION New leadership team has methodically developed a revised production plan to ensure sustainable and long-term uranium production at Lance, and that full value is extracted for shareholders Lance is a high-quality and sizeable uranium asset, located at the epicentre of uranium pr
Slide 40: Key Milestones - 2025
KEY MILESTONES - 2025 JULY AUG SEP OCT NOV DEC CPP – Commissioning First Yellowcake Production CPP – Ramp Up HH-12 – Acidification Mining Unit 4 Data Package HH-14 – Construction HH-14 - Acidification HH-15 - Construction Kendrick Optimisation Study Dagger Scoping Study NOT FOR RELEASE OR DISTRIBUTI
Slide 41: Appendices
APPENDICES NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
Slide 42: Appendix - Resources
APPENDIX 1 - RESOURCES Lance Project Resource Estimate as at 31 December 20231 Classification Tonnes (million) U3O8 Metal Grade (ppm U3O8) (Mlbs) Measured 3.3 510 3.8 Indicated 11.0 510 124.4 Inferred 38.3 490 41.7 Total 52.6 500 58 Dagger Resource Estimate as at 23 October 20232 Classification Tonn
Slide 43: Appendix – Lance Exploration Target
APPENDIX 2 – LANCE EXPLORATION TARGET ADDITIONAL DISCLOSURE Exploration Target1 The Lance Project covers a significant proportion of the Powder River Basin. Cretaceous sandstones of Wyoming, which are believed to represent an Exploration Target of between 104Mlbs and 163Mlbs eU3O8 Lance Project Expl
Slide 44: Risk Factors
RISK FACTORS NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
Slide 45: Risk Factors
RISK FACTORS Company Specific Risks Uranium Mining Risks The Company’s uranium projects are located in the State of Wyoming, USA. Uranium mining in Wyoming is subject to licensing regulation by the WDEQ. Whilst exploration and mining for uranium is currently permitted in the State of Wyoming, United
Slide 46: Risk Factors
RISK FACTORS Operational risk The operations of the Company may be affected by various factors, including, failure to achieve predicted recovery grades; operational and technical difficulties encountered in recovery; difficulties in commissioning, and operating plant and equipment; mechanical failur
Slide 47: Risk Factors
RISK FACTORS The Company’s exploration, development and production activities are subject to extensive laws and regulations relating to numerous matters including resource license consent, conditions including environmental compliance and rehabilitation, taxation, employee relations, health and work
Slide 48: Risk Factors
RISK FACTORS Additional requirements for capital The Company’s capital requirements depend on numerous factors. Depending on the Company’s ability to successfully commission and ramp-up production at the Lance Project using a low pH leaching process and generate income from its operation, and its ab
Slide 49: Risk Factors
RISK FACTORS Similarly, if the Company fails to meet its obligations under key contracts, for example meeting certain product quantity, quality or timing commitments, there may be a risk that contracts are terminated. Such action taken by a third party may have a material adverse effect upon the Com
Slide 50: Risk Factors
RISK FACTORS Underwriting The Company has entered into an Underwriting Agreement under which the Underwriters have agreed to underwrite the Offers, subject to the terms and conditions of the Underwriting Agreement. Prior to the completion of the Offers, there are certain events which, if they were t
Slide 51: Risk Factors
RISK FACTORS Insurance risk The Company will endeavour to maintain insurance within ranges of coverage in accordance with industry practice. However, in certain circumstances the Company's insurance may not be of a nature or level to provide adequate cover. The occurrence of an event that is not cov
Slide 52: Risk Factors
RISK FACTORS Market conditions Unlike other commodities, uranium does not trade on an open market. Contracts are negotiated privately by buyers and sellers. Changes in the price of uranium can have a significant impact on the economic performance of the Company's projects. The marketability of urani
Slide 53: International Offer Restrictions
INTERNATIONAL OFFER RESTRICTIONS NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
Slide 54: International Offer Restrictions
INTERNATIONAL OFFER RESTRICTIONS This document does not constitute an offer of New Shares of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Austral
Slide 55: International Offer Restrictions
INTERNATIONAL OFFER RESTRICTIONS Germany This document has not been, and will not be, registered with or approved by any securities regulator in Germany or elsewhere in the European Union. Accordingly, this document may not be made available, nor may the New Shares be offered for sale, in Germany or
Slide 56: International Offer Restrictions
INTERNATIONAL OFFER RESTRICTIONS Singapore This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or materials in co
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